For the price function p(x) = 10 √√3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1230 items are sold. [Hint: Revenue is price times quantity.] $ 100 X Interpret the marginal revenue value. At this level of sales, the revenue increases by about $ 48.3 Xper additional hundred items. How much will the price need to be changed to have this level of sales? (Round your answer to two decimal places.) Xby about $ 3.93 The price will need to be raised

Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 18SQ
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For the price function
p(x)
10-√3x
where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1230 items are sold. [Hint: Revenue is price times quantity.]
$100
=
Interpret the marginal revenue value.
At this level of sales, the revenue increases
by about $48.3
Xper additional hundred items.
How much will the price need to be changed to have this level of sales? (Round your answer to two decimal places.)
The price will need to be raised X by about $ 3.93
X
Transcribed Image Text:For the price function p(x) 10-√3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1230 items are sold. [Hint: Revenue is price times quantity.] $100 = Interpret the marginal revenue value. At this level of sales, the revenue increases by about $48.3 Xper additional hundred items. How much will the price need to be changed to have this level of sales? (Round your answer to two decimal places.) The price will need to be raised X by about $ 3.93 X
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